Economy

• Thursday, March 26th 2009 - 06:54 UTC

  Latinamerican remittances could drop 11% to 13% in 2009 says IDB

  

  As the global economic slowdown begins to bite remittances to Latin America this year will fall for the first time since the Inter-American Development Bank, IDB, began measuring the money flows in 2000, reported the bank.

• Wednesday, March 25th 2009 - 17:35 UTC

  German president former IMF chief admits blame for global financial collapse

  

  German president Horst Köhler in the annual Berlin Speech addressed the global financial collapse but also accepted part of the blame for not having been able to introduce major reforms and regulations to financial markets when the was head of the International Monetary Fund (2000/2004).-

• Wednesday, March 25th 2009 - 12:20 UTC

  Berlusconi blames world recession on the “American influenza virus”

  

  Prime Minister Silvio Berlusconi, taking the controls of a new high-speed train on Tuesday, said Italy was well placed to emerge from the global economic downturn, --which he described as the American influenza--, but urged his countrymen to work harder.

• Wednesday, March 25th 2009 - 09:34 UTC

  Air transport industry under intensive care during 2009

  

  The International Air Transport Association (IATA) announced a revised outlook for the global air transport industry with losses of 4.7 billion USD dollars in 2009. This is significantly worse than IATA’s December forecast for a 2.5 billion loss in 2009, reflecting the rapid deterioration of the global economic conditions.

• Wednesday, March 25th 2009 - 07:56 UTC

  China suggests new global reserve currency to replace US dollar

  

  China's central bank has called for a new global reserve currency run by the International Monetary Fund to replace the US dollar. Central bank governor Zhou Xiaochuan did not explicitly mention the dollar, but said the crisis showed the dangers of relying on one currency.

• Wednesday, March 25th 2009 - 07:54 UTC

  Geithner, Bernanke reject suggestions to replace the US dollar as global currency

  

  Unites States Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke dismissed on Tuesday suggestions by leading emerging economies that the global economy move away from using the dollar as the main reserve currency.

• Tuesday, March 24th 2009 - 13:43 UTC

  Brazil’s future as emerging power “linked to regional situation”

  

  Brazil’s future as an emerging power is closely linked to the regional situation according to President Lula da Silva’s international affairs advisor Marco Aurelio García.

• Tuesday, March 24th 2009 - 13:28 UTC

  Obama’s chief economic advisor slams back at Krugman

  

  US President Barack Obama's chief economic adviser Monday beat back recent criticism, from liberal economist Paul Krugman over the administration's latest bank rescue plan, telling CNN Krugman was too quick to pass judgment.

• Tuesday, March 24th 2009 - 13:26 UTC

  EC expected to act on countries swelling budget deficits

  

  The European Commission is expected to set deadlines on Tuesday for France, Greece, Ireland, Spain and the UK to rein in their swelling budget deficits. Under EU rules, countries are expected to keep their budget shortfalls below 3% of gross domestic product (GDP).

• Tuesday, March 24th 2009 - 13:19 UTC

  WTO forecasts 9% drop in global trade volume in 2009

  

  Global trade will experience its biggest annual drop in more than 40 years this year, the World Trade Organization said Monday. In its annual trade outlook, the WTO said that the economic recession will cut the desire for the countries to do business with one another in 2009, slicing the actual volume of exports by 9%.